Mgs4 wrote:Normally do mortgage brokers have websites or PDF docs with loan comparisons on key metrics eg interest rates, annual fees, maximum LVR etc. As loans are relatively commoditized products the main variables are total costs (ir, fees etc.) and ease of application (LVR and other relevant constraints). The tricky thing I find is brokers can access different rates to what the average person can, so using online comparison websites often isn't on accurate comparison if your going to go through a broker.
Yep. We use two different software programs – one is via our aggregator and the other (which is subscription based) from a third party provider is for assessing more complicated scenarios. All produce product comparisons, etc. Most brokers offer this as standard.
JamieColin RiceParticipant@fmsJoin Date: 2011Post Count: 338Mgs4Participant@mgs4Join Date: 2013Post Count: 13
Do a lot of investors look for mortgage brokers that are also sophisticated property investors? I find a lot of mortgage brokers, particularly new entrants to the industry, wouldn't meet this criteria.Mgs4 wrote:Do a lot of investors look for mortgage brokers that are also sophisticated property investors? I find a lot of mortgage brokers, particularly new entrants to the industry, wouldn't meet this criteria.
Yeah they do. It helps to work with a broker who's an investor themselves. It's a question that new clients ask me quite a lot.
JamieDaOneParticipant@daoneJoin Date: 2008Post Count: 38
Some lender would give you a little better rate, but when you are investor you don't want all your loans with one lender as this will limited your borrowing capacity. Some of things you should look out for are:
Should be a Mortgage Specialist
Should be a Member of the Mortgage and Finance Association of Australia (MFAA)
Should have links with a reputable company with support and professional training
Should disclose fees and commissions transparently
Should be covered by Professional Indemnity Insurance
Should have access to a broad panel of Financial Institutions
Should have some specialist software to compare home loan products and calculators
Should be able to assess and electronically submit loan applications to Lenders
Should possess a detailed customer charter setting out how they work.
A good broker will be there to help you along the way. You do not select a broker based on rebate.
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